Minecraft Hits Beta 1.2

Notch has updated the minecraft_server.jar and .exe to Beta 1.2, you can download the updated client now and start playing with a whole new set of bug fixes and tweaks, but there are still some to look out for.
Don’t forget that if you have anything to report, you can check out the Minecraft Community Page and choose one of the options to get in touch with people that may have answers or would like to know of any problems!
Notch posted on the blog…
New features:

Note blocks (right click to tune, trigger to play)

15 wool dyes

A new water dwelling mob

New tree types

Reeds magically turned into sugar canes. They still make paper.

A bunch of new crafting recipes

One secret useful block

One secret pretty block

Cake

AND MOAR, probably. I forget!

Bugfixes:

Paintings work in multiplayer

Disconnecting while riding no longer keeps the player in the world

A bunch more state is properly synched in multiplayer

Fixed colors going weird on PowerPC

Fixed a horrible chunk reload loop in singleplayer

Fixed most lighting bugs in newly generated SMP maps

Falling sand behaves better in SMP

Fixed a few crash on load level bugs

{edit} A couple of updates via tweets from Jens Bergensten:
Oh btw, if you are using texture packs you will have invisible items and purple blocks everywhere. Update the textures!
The FasterRender mod by @Scaevolus is included in beta 1.2, please let us know if it helps! And send him your regards